Company accounts to coming together of individuals with the purpose of doing business with similar goals and objectives under a common company name with respective liabilities. It is person of law holding rights other than the members constituting the company.

BENEFITS OF COMPANY FORMATION

• A company is an entity which functions independently of the members who own it
• The liability of the members of the company can be limited according to their share of contribution in the capital of the company or the guarantee amount undertaken by them
• Owing to the company’s independent personality, the members are not liable for any action or omission on the part of company, unless the law provides expressly.
• The company being a juristic person, can enjoy and alienate property in its own name. The members of the company in such case can’t exercise claim on the company.
• The company being a legal entity can prosecute and get sued in its own name
• The continuity of the company and its functioning is not affected by the death, disability or retirement of any its members. The company continues to exist, irrespective of change in its membership. It is commonly referred to as “perpetual succession”.
• The member’s interest transfer in the company can be attained without adversely affecting its property, business or existence. Transferability of the company’s shares provides an element of liquidity to the investors in respect of their investment in the shares of the company and facilitates great investment in the company’s fund without affecting the company’s economic stability
• The members of the company equally share the profits through dividends and the company’s assets in winded up capital proportion contributed by them.
• Shares of small denomination grant an opportunity to the small investors to invest according to their range.
• For ensuring increased investment in the company’s fund, encourage the persons to subscribe to the company’s shares. Incorporation of the company reinforces the capital resources, growth and development of the enterprise.
• The corporate form of business organization grants opportunity for professional makeover of its management and entrusting the administration of its important affairs to persons of professional competence.
• Arrangements between the company and its members are comparatively similar to those of other forms of organization. For an instance, a company may make a valid contract with one of its members. It is also possible for the person in control of a company, to be in its employment as an employee, subjected to the provisions of the Act.
• Incorporation of company builds up better borrowing facilities and empower the company to raise large amount, on comparatively easier terms, by issuing debentures, especially those secured by accepting deposits from the public.
• In some cases, the incorporated company holds a secured position from the taxation point of view.
• The company can only be dissolved with the provisions of law after its incorporation.

DOCUMENTS REQUIRED FOR REGISTERING COMPANY

• 2 photos of each director In the Company.
• Pan Card of each person becoming a Director In the Company
• Address proof of each Director In the Company : Any one of these 1. Driving license; Voter card, Ration card, Passport, 2. Bank passbook with photo, 3. Telephone bill.

FORMATION OF A COMPANY

Steps involved in company's formation

• Obtain Director Identification Number (DIN) and Digital Signature Certificates (DSC) for each Director / Promoter before making any application to ROC
• Apply for the name availability of the proposed company to ROC. For the completion of this procedure you have to fill up form 1A and submit it online to ROC along with the requisite fee.
• When the name has been accepted and made accessible to the ROC, it will remain active for 6 months. If due to some reasons or emergencies you fail to incorporate company within 6 months then you can renew the company name by paying the prescribed fee.
• After the name incorporation, the following documents are processed:
  • Memorandum of Association
  • Articles of Association
  • Authority Letter to the person for carrying out corrections
  • Declaration by the Promoters Directors
  • Form 32 for the Directors
  • Form 18 for the address of the registered office
  • Demand draft is prepared in favor of the Registrar of companies for the prescribed amount towards registration fee.
• The articles of Association and the Memorandum are to be duly stamped before filing with ROC
• The above documents are filed in original with ROC.
• With the reception of the documents ROC will investigate the papers and he will direct to make changes to the documents if required.
• The ROC will issue the certificate of Incorporation after being completely satisfied with the documents. The company would come into operation from the day of official certification.

Summary of Steps Involved in Forming a Company

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